Philippines' largest telco PLDT Inc. is about to close its ongoing sale of about 49% of its data center business to a foreign buyer.At the sidelines of the company's annual stockholders meeting in Taguig City on Tuesday, PLDT chairman Manuel Pangilinan said, "We're talking to the final bidder at this stage.""We've agreed on the valuation with them.
The PLDT chairman said the sale of the telco's data center business could generate more than $1 billion for the company, which would be used to cut debt and fund capital requirements."Hopefully in the next few weeks, we should be able to finalize and convert those discussions into a binding term sheet. By July, we should have a binding term sheet with this particular investor," Pangilinan said.He added that PLDT intends to retain at least 51% of its data center business.